Entries for Materials GenX Furnishings manufactures designer furniture. GenX Fur

Question

Entries for Materials

GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows:

The materials purchased during June are summarized from the receiving reports as follows:

Materials were requisitioned to individual jobs as follows:

The glue is not a significant cost, so it is treated as indirect materials (factory overhead).

a. Journalize the entry to record the purchase of materials in June.

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a. Increase materials inventory and a liability for the total of purchases.

b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank.

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b. Increase the work in process for direct materials for the Jobs and factory overhead for the indirect materials.

c. Determine the June 30 balances that would be shown in the materials ledger accounts.

Fabric $31,700 Polyester filling 9,500 Lumber 71,000 Glue 3,000

Explanation / Answer

Answer

Part a - Journal entry for purchase of material

Working Note 1 - Calculation of total material purchased

Part b - Journal entry for requisition of material in june

Part c - Calculation of June 30 balances of Material ledger

Accounts Title Debit Credit Material 821300 Accounts Payable 821300 Material Purchased on account are debited to material and credited to accounts payable as liability

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